MICHIGAN CITY, IND. — Flaherty & Collins Properties has formed a partnership with Michigan City and the Northern Indiana Commuter Transportation District (NICTD) for the development of an $80 million apartment project. Located in Northwest Indiana, Michigan City is situated on the south shore of Lake Michigan.
With a placeholder name of 11th Street Central, the 12-story project will feature a new train station for the South Shore Line stop at 11th Street. It will also include 208 luxury apartment units, more than 10,000 square feet of commercial space and a 558-space parking garage.
A $649 million double track improvements project is expected to shorten the commute from Michigan City to downtown Chicago to 67 minutes, according to Michael Noland, president of South Shore Line. “With the additional trains that will be added and the reduction in travel time to and from Chicago, we expect to more than triple our daily ridership out of Michigan City,” he says.
A first for the greater Chicago metropolitan region, the project is a joint development as defined by the Federal Transit Administration (FTA). An FTA joint development enables a private developer to undertake a public responsibility — in this case, the construction of a train station and garage to NICTD standards. The parking garage will be the first to specifically serve South Shore Line passengers.
The development team says the name 11th Street Central is being used, at least temporarily, because it conveys that Michigan City is at the center of Lake Michigan’s southern shore; serves as a connection point between South Bend and Chicago; and sits at the merger point of several historic and arts districts.
“This project will be huge for the region, attract and keep young professionals in Michigan City and make it more attractive for existing employers and potential new employers,” says Brian Prince, vice president of development at Flaherty & Collins. “It will have a tremendous impact on the community, with over an estimated $150 million economic impact in the first five years.”
A review committee voted unanimously to select Flaherty & Collins as the developer. Construction is expected to begin in summer 2023. The new transit station is slated to open by May 2024 and the apartments by spring 2025.
Indianapolis-based Flaherty & Collins is a developer, builder and manager of multifamily properties, with over $500 million in projects under development in several Midwest states. The company currently manages 76 properties and nearly 12,000 units.
— Kristin Hiller